City View Apartments

Multi-Family for Sale
Catylist Listing ID: 30485251
Property Subtypes: Mid-Rise
Number of Units: 24 Units
Building Size (RSF): 19,420 SF
Sale Price: $2,700,000
Unit Price: $112,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: City View Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/17/2019

Overview / Comments

The City View Apartments are located at 827 N State Street in Jackson, MS. This area is considered to be Jackson’s “Arts District”. The location of the property is positioned to cater to a wide range of apartment renters being in close proximity to downtown Jackson, private colleges, a law school, major medical office buildings and 3 major hospitals. One of the hospitals is the University of Mississippi Medical Center, the state’s only academic health science center. UMMC includes seven health science schools with over 3,000 students. UMMC is one of the largest employers in Mississippi with over 10,000 employees.
The property is located in an Opportunity Zone. The property was originally built in 1941 with over 40 efficiency units. The property was partially renovated in 2011 and converted to 22 larger units. In 2018-2019 the property was completely renovated and taken down to the studs and converted to 24 units. The interior of the building was completely redone with all new flooring, kitchens, bathrooms, electrical, and HVAC. The renovations have just recently been completed. Leasing of the property began in the last 6-9 months and is almost at full occupancy.

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Additional Details

Nearest MSA: Jackson
County: Hinds
Tax ID/APN: 40-4-1
Zoning: RESIDENTIAL
Community Amenities: Restaurant(s)
Highway Access: State Street I-55 I-20
Airports: Jackson
Number of Stories: 4
Year Built: 1941
Year Renovated: 2019
Exterior Description: 2011 Renovations - Exterior was completely re-plastered and painted - New Exterior stairs were added at rear of building - A new art deco elevator was added in front of the building - All new sprinkler system was added throughout the building - New roof - Converted to 22 units
Parking Type: Surface
Parking Description: Parking for the building is onsite gated surface parking.
Total Parking Spaces: 35
Interior Description: Completely renovated 2018-2019 - Interior was taken to the studs and converted to 24 units - Brand new units with top of the line flooring, countertops and finishes - New stainless steel appliances - New HVAC, electrical and plumbing

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,146 57,199 143,437
Median Age: 31.48 34.85 32.88
Households: 3,942 21,995 53,578

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